Category: bussines

Bitcoin surged to a record high on Friday, driven by strong institutional demand and supportive cryptocurrency policies under US President Donald Trump’s administration. The world’s largest digital asset climbed to an intraday peak of $116,781.10 during the Asian trading session, extending its year-to-date gains to over 24%. It was last quoted at $116,563.11. “Bitcoin’s new all-time high is being driven by relentless institutional accumulation — major players are scooping up supply and drying up liquidity on exchanges,” said Joshua Chu, co-chair of the Hong Kong Web3 Association. In March, Trump…

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The equity market rose on Friday as improved macroeconomic indicators and strong corporate result expectations continued to drive investor sentiment. “Improved macroeconomic indicators and better expectations relating to corporate results” are driving the momentum, said Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 134,920.76, gaining 1,138.42 points, or 0.85%, while touching a low of 134,130.40, reflecting an increase of 348.06 points, or 0.26% The rally follows fresh data from the State Bank of Pakistan (SBP),…

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US President Donald Trump said on Thursday the United States would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners. In a letter released on his social media platform, Trump told Canadian Prime Minister Mark Carney the new rate would go into effect on August 1 and would go up if Canada retaliated. In a post on X late on Thursday, Carney said his government will continue to defend Canadian workers and businesses in…

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Pakistan is aiming for a valuation of at least $1 billion for its Roosevelt Hotel property in New York as Islamabad looks to sell a minority stake and find a partner for redevelopment, a senior government official said. Named after former US president Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000 room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part…

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Investor optimism returned to the equity market on Thursday as strong macroeconomic indicators, robust remittance inflows and stronger-than-expected government debt auctions fuelled gains in the banking sector, reversing losses from the previous session. The equity market bounced back on Thursday, led by gains in the banking sector and strong macroeconomic indicators, as investors reacted positively to record-high remittances and upbeat results from the government’s latest debt auctions. “Overall improvement in macroeconomic indicators is rerating the market with rise in banks leading the index. This rally will mature to form a…

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The State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Wednesday that the central bank is preparing to launch a pilot for a digital currency and is in the final stages of preparing legislation to regulate virtual assets. This move comes as Islamabad ramped up efforts to modernise its financial system amid a rising global interest in blockchain-based payments, with central banks around the globe exploring the use of digital currencies. to drive virtual asset adoption By Reuters July 09, 2025 State Bank of Pakistan Governor Jameel Ahmad speaks at the Reuters…

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KARACHI: Workers’ remittances to Pakistan surged to an all-time high of $38.3 billion in fiscal year 2025, showing a robust 26.6% increase from $30.3 billion recorded in FY24, according to data released by the State Bank of Pakistan (SBP) on Wednesday. In June 2025, monthly inflows reached $3.4 billion, reflecting a 7.9% rise compared to the same month last year. year By Business Desk July 09, 2025 An employee of a bank counts US dollar notes. — Reuters KARACHI: Workers’ remittances to Pakistan surged to an all-time high of $38.3 billion…

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The Ministry of Finance on Wednesday announced that a Dubai-based bank has arranged a $1 billion syndicated financing facility for Pakistan. The five-year financing arrangement has been facilitated through a consortium of international investors, reflecting growing confidence in the country’s economic reform programme. The financing is backed by a Policy-Based Guarantee from the Asian Development Bank (ADB), marking the first such transaction by the ADB for Pakistan. The facility, structured under Islamic principles, includes an 89% share compliant with Shariah law. According to the finance ministry, other banks based in…

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Investor caution returned to the equity market on Wednesday as global uncertainty, weak oil prices, and renewed concerns over Pakistan’s tax compliance regime unsettled trading. Market participants navigated a volatile session amid jitters over US trade policy and warnings from the Asian Development Bank (ADB) about gaps in tax enforcement. Rupee instability and falling global equities further amplified selling pressure across key sectors. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 132,576.98 points, down 826.21 points or 0.62%, from the previous close of 133,403.19. During the session, the…

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WASHINGTON: The US government has already collected about $100 billion in tariff income this year and expects the total to reach $300 billion by the end of this year. Treasury Secretary Scott Bessent on Tuesday said that most of the money is coming from new trade tariffs introduced by President Donald Trump, including a 10% duty on nearly all imports and higher charges on steel, aluminium and cars. Bessent told a White House cabinet meeting that the biggest jump in collections started in the second quarter, , when Trump implemented a…

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